Vietnam PM Okays Formosa's US$15-Bln Petro-chemical Complex

The Vietnamese prime minister has given green light to Formosa Plastics Group, Taiwan’s biggest diversified industrial company, to build a large-scale petro-chemical complex in Vietnam’s central Ha Tinh province, Vietnam Investment Review reported.

 

The group will pour between US$12 billion and US$15 billion in the project, which is estimated to produce 15 million tons of petro-chemical products annually, the largest of its kind in Vietnam.

 

Ha Tinh province has agreed to allocate 1,000 ha in the 22,000ha Vung Ang Economic Zone to Formosa to conduct the project that is scheduled for start-up in the next two years, said Vo Kim Cu, Vice Chairman of the municipal People’s Committee.

 

Currently, Formosa is building a 15-million ton capacity steel complex, a large-scale power plant and Son Duong deep-water seaport at the Vung Ang EZ. With registered capital, the group planned to complete the initial development stage of the gigantic project in 2011.

 

Work on Vietnam’s first petro-chemical complex of Long Son was kicked off in southern Ba Ria-Vung Tau province September 25. The complex with a total investment of US$3.77 billion is financed by PetroVietnam, the Vietnam National Chemical Corp (Vinachem), and two subsidiaries of Thai Siam Cement Group (SCG), Vina SCG Chemicals Co Ltd and Thai Plastic and Chemicals Public Co Ltd. (VIR, Vietnam Economic Times)